Through ‘Online Payment’ feature, you
can make your insurance premium payments from the comfort of your desktop.
With just a few mouse clicks, consider your insurance payments done and
forget your tedious visits to the payment counters.
Now, you can also make your payments through Electronic Clearing Service
(ECS) procedure or via online route through listed banks and other authorised
service providers. To know details of the banks, alternated channels and
their respective procedure, scroll down.

LIC Pay Direct

Online Payment Gateway is LIC's initiative to provide you with on demand service within a few clicks!

AXIS Bank has tied-up with Life Insurance Corporation
(LIC) to facilitate the common customers of AXIS and LIC to pay their premium
amount electronically through Internet. AXIS Bank customers can pay their
life insurance premium through "iconnect net banking' powered by "Bankaway.”
The customers can view the details of their policies like policy number,
premium due date, premium amount, interest amount and gross amount that
has to be paid.

Corporation Bank has tied up with Life Insurance Corporation
of India (LIC) to facilitate its customers to pay insurance premium conveniently
through the Internet. The service is available for the users of CorpNet,
the Internet banking facility offered by Corporation Bank. Under this facility,
the users will not only be able to make online payments, but can also view
complete policy particulars with payment status online. Presently, this
service can be availed by policyholders across 459 Branches of Corporation
Bank in 176 locations giving you an unmatched reach. To register for Internet
banking service and LIC premium payment service please contact the nearest
branch. You can also contact ibank@corpbank.co.in or webcentre@corpbank.co.in
for any assistance in this regard.

BillJunction now brings to you a very easy and convenient
way to pay your LIC Insurance Premium. You can view your premium details
of your policies and pay them at www.billJunction.com from the comfort
of your desktop. These services would be available for registered customers
of billJunction.com. To avail the services, all you need to do is fill
in an online application form and create an account for yourself.

Please note: This service is available for policy holders
who have a bank account in any bank in the cities of Mumbai, New Delhi,
Kolkata, Pune, Bangalore and Hyderabad and have their policies serviced
within any of the 89 cities across the country. Click here to view the
cities.

The registration is Rs. 50. Once the online form is filled, it is mailed
to the user’s given email id, which has to be signed and posted
back addressed to billJunction.com.

TimesofMoney.com offers the bill payment facility
for the payment of LIC Policy premiums. Currently, these services would
be available for registered customers of www.timesofmoney.com.

Procedure:

For registration, click on the following link www.timesofmoney.com.
This service is available for policy holders who have a bank account in
any bank in the cities of Mumbai, New Delhi and Bangalore and have their
policies serviced in any of the 89 cities across the country.

Pay your LIC premium at your convenience. Customers
having their accounts in the registered Banks can view the due amount
and pay their LIC premiums directly. This service is available for LIC
policies registered in 89 cities.

There is no further registration involved at the service provider’s
end.

There is no time lag from the date of payment to obtaining receipts.

It is also a secure arrangement, as the policy data is not shared
between LIC and Banks over net as only the amount to be paid is encrypted
and transported. The login ids at both the sites (LIC and Bank) are
known only to you.

And above all there is no charge for you to avail this service.

It can be used by any customers who have a bank account and an access
to the Internet

Premium Payment through Electronic Clearing Service (ECS)
Electronic Clearance Service of Reserve Bank of India is a well-established,
quick, reliable, and economic processing for periodic bill payments.
LIC offers this facility to its valued customers for payment of premiums.
The service comes free of cost. Presently, this system of premium payment
is provided at Mumbai, Chennai, Delhi, Kolkata, Bangalore, Kanpur, Vijaywada,
Patna, Jaipur, Chandigarh, Thiruvananthapuram and Hyderabad cities only.
The policyholders having accounts in the banks in the cites mentioned
above are members of the clearing house, which are entitled to avail
of this facility for all policies irrespective of the LIC branch to
which these policies are attached for servicing.

Benefits to the policyholders:

Free service to LIC policyholders

Save precious time

Flexibility in premium payments.

No more hassles in sending premiums through postal, courier service,
etc.

Fewer chances of the policy getting lapsed

Signing of a Mandate form, this mentions the date by which the
payment will be done from your account.

This facility can be availed by the insured as well as the spouse
and dependent children. It means the policyholder can claim I.T.
relief for the payment of premiums.

The procedure for availing of the service and the processes involved:

In order to avail of this service, the policyholders should have
their Bank Account in an ECS Centre and the Bank should be member
of the Clearing House.

Policyholder should fill up the ECS Mandate Form and get it verified
and certified by the Bank where the Bank Account is maintained.

The Mandate Form should be sent to the nearest LIC Branch Office
or to the Manager (CRM) of the Divisional Office with a photocopy
or a cancelled leaf of the MICR cheque for further processing.

On the due date mentioned by the policyholder, LIC will debit
the amount from the Account of the policyholder through the ECS
process.

The policyholder should have sufficient balance to cover the
premium due amount, otherwise it will be treated as a case of cheque
dishonour and the policyholder would be informed accordingly.

The transaction process i.e. the first transaction after the authorisation
takes around one month.

LIC will send the policyholders the official receipt by post after
the premium amount from the respective bank account has been made.
Policyholders willing to make payments through ECS process can do
so by clicking on the link given below.